TPT Global Tech Reports Significant Revenue Decline but Achieves Net Income Turnaround in Q3 2024

TPT Global Tech, Inc. reported a significant decline in financial performance for the third quarter of 2024, with total revenues of $136,701, down from $923,251 in the same period last year. For the nine months ending September 30, 2024, revenues totaled $982,103, compared to $3,007,866 in the prior year. The company attributed this decrease primarily to a reduction in internet customers due to attrition and the discontinuation of unprofitable operations. Gross profit for the quarter was $24,463, a stark contrast to $183,738 in the previous year, reflecting a gross profit margin decrease from 20% to 18%.

Operating expenses also saw a decline, totaling $717,321 for the quarter, down from $1,418,430 in the prior year, largely due to reduced legal expenses and a smaller workforce. Despite the drop in revenues, TPT Global Tech reported a net income of $1,887,783 for the quarter, compared to a net loss of $1,083,895 in the same period last year. This turnaround was largely driven by derivative gains of $2,816,886, which were significantly higher than the previous year's figure of $1,010,972.

In terms of strategic developments, TPT Global Tech has been active in acquisitions, including the recent purchase of Geokall UK Ltd. for 200,000 shares of Series G Convertible Preferred Stock. The company also completed a merger with Asberry 22 Holdings, which resulted in TPT Global Tech acquiring 86% of the common stock of Asberry. These acquisitions are part of the company's strategy to enhance its service offerings and expand its market presence.

Operationally, TPT Global Tech reported a decrease in customer counts, particularly in its TPT SpeedConnect division, which provides internet services. The company is focusing on improving customer retention and exploring new markets to counteract the decline in user statistics. As of September 30, 2024, the company had 6,616,124,879 shares of common stock outstanding, reflecting a significant increase from the previous year, which is indicative of the company's ongoing efforts to raise capital through equity financing.

Looking ahead, TPT Global Tech faces substantial challenges, including a significant accumulated deficit of $114,100,332 and ongoing legal proceedings that could impact its financial stability. The company has expressed doubts about its ability to continue as a going concern without securing additional financing or acquiring cash flow-positive operations. Management is actively seeking new funding sources and exploring potential acquisitions to stabilize and grow the business in the coming year.